Research report published by Markets N Research “Energy Recovery Devices, By Type: (Reverse Turbine, Pelton Wheel, Pressure Exchanger, Work Exchanger, and Electric Motor Drive), By Applications (Construction, Oil & Gas, Water Desalination, and Others) Market - Growth, Future Prospects, Post COVID-19 Scenario 2020 - 2028”, states that the global energy recovery devices market is expected to grow at a CAGR of 9.5% during the forecast period from 2020 to 2028.
The use of energy recovery devices (ERDs) continues to be prevalent, as the cost of power continues to increase throughout the world. Major factors that are fostering the growth in the global market include growing demand for energy recovery devices in the desalination facilities and the growing necessity for energy recovery owing to its huge demand in the industries. Across the world, there is a surge in the requirement for clean water owing to, rapid urbanization & industrialization in developing countries, and population growth. As per predictions of the UN, the global water demand is expected to rise by 30 percent by 2050. This has led to an increase in the desalination process which in turn is augmenting the demand for energy recovery devices to enable more affordable and sustainable access to such critical resources. In addition to this, the energy recovery devices offer several benefits such as increasing the permeate quality and improving hydraulic balance. It also does not generate any emissions while operating. All such factors are leading to an increase in adoption of energy recovery devices thereby fostering growth of the market. Further, expanding applications of energy recovery devices on membrane softening systems is escalating the overall growth of the market and increasing demand for energy recovery devices from oil & gas industries in order to increase efficiency, improve productivity, and lower the emission that is associated with oil & gas production is also a key growth prospect. Additionally, growing need for wastewater treatment is also fueling the overall growth of the market. Energy recovery devices for Ultra High-Pressure Reverse Osmosis (UHPRO) wastewater treatment tremendously decreases the costs and energy needs associated with treating industrial wastewater discharge with UHPRO. Ultra-High-Pressure Reverse Osmosis is extensively used in the process of wastewater treatment for minimal liquid discharge and zero liquid discharge wastewater treatment processes that enable to reuse of water from industrial applications is also equally contributing to growth of the global market. On the other hand, high capital and installation cost and complexity associated with maintenance, operation & design of the devices may impede the growth of the global energy recovery devices market during the forecast period.
However, the emergence of cutting-edge technologies to upgrade the features of existing energy recovery devices and the development of innovative products may lead to beneficial opportunities for growth of the global energy recovery devices market. However, the onset of COVID-19 pandemic has adversely affected the overall growth, strict lockdown imposed by several governments resulted in disruption of supply chain which directly affected raw material supply and at the same time sale of the products.
The global energy recovery devices market is bifurcated based on type and application. Different types of energy recovery devices scoped under this report include Pelton wheel, reverse turbine, work exchanger, pressure exchanger, and electric motor drive. Whereas, various applications of energy recovery devices for instance, in construction, oil & gas, water desalination facilities, and others are boosting the overall growth..
The energy recovery devices market is highly competitive and always on the go for innovations and researches to saty ahead in the market. More frequently, system designers are being asked to minimize the specific energy consumption (SEC) even in areas where the cost of power is relatively low[BB1] . Some of the major players operating in the market include Energy Recovery Inc., Rwl Water, Dynalon Engineering SdnBhd, Marsi Water, Fluid Equipment Development Company, and Flowserve Corporation
Future trends/developments
Energy Recovery, Inc., a California based company manufacturing pressure exchanger devices is expecting the marketing of pressure exchanger which is designed for improving the efficiency in transcritical CO2 refrigeration systems in locations where ambient temperature is high.
Growing demand in desalination facilities is expected to spur the growth of energy recovery devices market over the forecast period.
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